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WeWork has convinced tech investors that short-term office rentals are the next big thing, and well worth a high price. Savvy real-estate investors also like that business, but not at WeWork’s valuation.

The Trump administration is mulling new tariffs on imported vehicles and auto parts. That hasn’t yet wrecked Asian car makers’ share prices. But it has driven the U.S.’s trade policy even further off-road—and investors in major Japanese and South Korean auto companies were rattled Thursday.

Passive investors are about to get more involved in Chinese stocks thanks to MSCI’s decision to include several of them in its key indexes. They will find themselves exposed to a market swimming in leverage.